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CNBC
Jan 22, 2013 4:00pm EST
different ground. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might even accept the sequester. some of the stakes appear to be fading from these disagreements that paralyzed washington at the end of last year. >> when i heard this original deal profrksd i thought it was on the condition that the senate eventually congress had to actually pass a budget finally. >> that's still on the table. >> that is still on the table. a little bit less clear is the fate of the idea that somehow pay would be suspended for members of congress if they don't pass a budget. >> right. >> there are questions about the constitutionality of that provision, but the entire provision is to try to force the senate to force a pass a budget, and the senate intends to do that. >> that's significant because it's written within the law that when you pass the budget the debt ceiling automatically gets raised and then you don't even have to have this discussion at all. even before the debt fight was pushed off in the spring the equi
CNBC
Jan 23, 2013 4:00pm EST
, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 trillion of capital or credit for consumers or businesses. we had a problem, you know, we've fully acknowledged that we've undressed ourselves in the public and the rest of the bank is pretty well controlled and pretty well managed. the same bank that went through '07 and '08 and '09 and 2010 and 011 and for the most part did fine. whenever a company makes a mistake, you should analyze it and be better for you and make sure you apply best practices across the country. there are a couple of things we learned applying across the company. >> what kind of safeguards can you share with us that you are applying? >> look, everything we do risky, a gap in our fortress wall, and then the one -- the one that's going to go across all companies, we use models extensively, just make sure they are always used properly for the right way. we should get model obsessed. start to run your business on models, you'll get in trouble, too. >> pretty extraordinary that even with the trading loss you actually
CNBC
Jan 15, 2013 4:00pm EST
enough for their retirement. they are increasingly reliability on government funding so that is a long-term problem. in fact, that's one of the reasons that we haven't been able to see a robust recovery is we don't have that catalyst for growth, ie the consumer taking on new amounts of debt and spurring new consumption because we're still de-leveraging from the decades of debt accumulation we've gone through. clearly this is a long-term probable. if we're focusing on just 401(k)s i don't see this as a net negative, people being able to access their own funds and use them as they see appropriate. >> i definitely don't recommend it. >> steve, while i have you here, i understand you have more detail on secretary geithner's letter to speaker boehner. >> right. >> what can you tell us. >> on the one hand it's completely expected. there are four extraordinary measures that the treasury secretary is allowed to invoke as we near the debt ceiling. what he did in this letter that just came out is he invoked the third one. i believe all four of these measures are built into the existing timetable
CNBC
Jan 16, 2013 4:00pm EST
headwinds in the government, but we think it's a pretty good backdrop and seeing lots to do. travel all the time. been in europe and asia, there's some things we're very excited about that we're partnering with our clients, and i think we'll make good money. >> you also talk about being overweight real assets. what do you mean by real esas? >> one thing in our energy group, one of the pioneers in this group, going to the energy companies and also buying wells and oil in the ground so i would think about it ahead of our group who likes to say we're creating bonds in the ground so oil where you get a yield and inflation protection and growth. that's hard to match when you think about a tip security where you actually have to pay for the yield, so that's been a very exciting area. same thing in real estate. we've been doing a lot with the firm's balance sheet. one thing we try to eat what we're cooking and have almost a $7 billion balance sheet. ralph rosenberg who heads our real estate area very active with the firm's capital as well as partnering with clients to find some pretty inte
CNBC
Jan 18, 2013 4:00pm EST
costs of their care landing in the government's lap. what about that? >> maria, i couldn't disagree more with max. i believe that this is a very courageous proposal from the business roundtable put together by gary loufman of cesare's who used to be a colleague of mine at harvard business school. if you hit 65, the expectsy is 20 years. medical technology is learning how to keep people alive longer and longer, but we still have our disease-prone years hitting about the same time, in the late 50s, so i think people are going to have to work longer. we'll need these workers, and i think this is a very sound way to get medicare solvent. it won't be solvent today. unbounded costs in medicare. lifestyles are pushing it up and end-of-life issues, and there's just tremendous upward pressure on medicare costs, and i'm extremely concerned we won't be able to fund it, or else it will squeeze everything out of the budget. first of all this, proposal is going to be phased in. doesn't affect anyone at all who is over the age of 55, so they are all excluded, and, frankly, it won't phase in until
Search Results 0 to 4 of about 5